Macy’s raises annual profit outlook on strong Q1 results
2 years, 7 months ago

Macy’s raises annual profit outlook on strong Q1 results

Associated Press  

NEW YORK — Shoppers’ return to occasion dressing helped to power Macy’s fiscal first-quarter results, and the department store chain raised its annual earnings outlook even as surging inflation is crimping Americans’ budgets. In an interview with The Associated Press on Thursday, Macy’s CEO Jeff Gennette said that the chain is noticing that consumers are still buying prestige fragrances as gifts for holidays like Mother’s Day. Overall, Gennette said Macy’s saw a faster-than-expected shift away from items that were in hot demand during the pandemic like home accessories, activewear, casual clothing, and more toward dress up clothes, Macy’s sweet spot. Macy’s said that it earned $286 million, or 98 cents per share, for the three-month period ended April 30.

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Macy’s tightens financial controls after employee covered up what became a $151 million mistake
4 weeks ago

Macy’s tightens financial controls after employee covered up what became a $151 million mistake

Associated Press  

NEW YORK — Macy’s said Wednesday that it has tightened internal financial accounting measures after completing a probe of a rogue employee who hid $151 million in delivery expenses over a span of nearly three years. Activist investor Barington Capital Group this week asked Macy’s to develop a real estate subsidiary, reduce spending, and explore strategic options for Bloomingdale’s and …

Macy’s Q3 Results delayed after employee hid nearly $154 million in delivery expenses, says, ‘we were caught off guard’
Trending News
1 month, 2 weeks ago

Macy’s Q3 Results delayed after employee hid nearly $154 million in delivery expenses, says, ‘we were caught off guard’

Live Mint  

Macy's on Monday delayed its third-quarter results after finding that an employee hid as much as $154 million in expenses over years, instead issuing preliminary sales figures that fell short of Wall Street expectations. A single employee "intentionally" made wrong accounting entries to hide about $132 million to $154 million of delivery expenses between the fourth quarter of 2021 through …

Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings
1 month, 2 weeks ago

Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings

Associated Press  

Macy’s reported stronger-than-expected sales for the third quarter and said it’s delaying the release of its full quarterly results after it discovered an employee intentionally hid up to $154 million of expenses over several years. An independent investigation and forensic analysis found that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries …

Walmart earnings: Holiday shopping is off to a strong start
1 month, 2 weeks ago

Walmart earnings: Holiday shopping is off to a strong start

Live Mint  

Walmart said U.S. sales rose during the most recent quarter as shoppers bought more groceries, home goods and toys, a sign that spending is off to a steady start at the start of the holiday shopping season. The results Sales: U.S. comparable sales, those from stores and digital channels in operation for at least 12 months, rose 5.3% for the …

Walmart heads into official start of holiday season with strong momentum after robust 3Q results
1 month, 2 weeks ago

Walmart heads into official start of holiday season with strong momentum after robust 3Q results

Associated Press  

NEW YORK — Walmart is heading into the official start of the holiday shopping season with strong tailwinds after ratcheting up better-than-expected fiscal third-quarter sales in many items including toys, home goods and groceries. The robust results, announced Tuesday, underscore how Walmart’s comparatively low prices have become a powerful draw for shoppers seeking to cut spending where they could in …

Macy’s swings to a second quarter profit, but sales surprisingly weak as customers grow cautious
4 months, 2 weeks ago

Macy’s swings to a second quarter profit, but sales surprisingly weak as customers grow cautious

Associated Press  

NEW YORK — Macy’s swung back to a profit in its second quarter but suffered yet another sales decline as inflationary weary shoppers rein in spending, with their focus increasingly on buying the essentials. At the first 50 stores that Macy’s has overhauled, same store sales have rising for two consecutive quarters, said Tony Spring, who became chairman and CEO …

Macy’s tops expectations for the first quarter as luxury and beauty sales shine
7 months, 2 weeks ago

Macy’s tops expectations for the first quarter as luxury and beauty sales shine

Associated Press  

NEW YORK — Macy’s sales and profits fell during the first quarter as higher costs and other financial challenges had customers pulling back on spending. And Macy’s, which also operates upscale Bloomingdale’s and beauty chain Bluemercury, said it is seeing a positive impact from its turnaround efforts that include closing underperforming stores and upgrading others. Macy’s said it will open …

Next set to deliver higher profits despite pressure on shoppers
9 months, 3 weeks ago

Next set to deliver higher profits despite pressure on shoppers

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Next is set to reveal …

Macy’s puts up strong third quarter numbers, raises profit outlook and top end of full-year revenue
1 year, 1 month ago

Macy’s puts up strong third quarter numbers, raises profit outlook and top end of full-year revenue

Associated Press  

Macy’s third-quarter sales declined as customers grow more cautious with their spending, but sales and profit both topped Wall Street expectations. So even though you see the break on the prices across all of our non-discretionary categories, it’s still much higher than it has been historically and certainly in the last year.” Retail sales slipped in October, according to U.S. …

Macy’s had to discount spring goods to entice cautious consumers and sees more warning signs ahead
1 year, 4 months ago

Macy’s had to discount spring goods to entice cautious consumers and sees more warning signs ahead

Associated Press  

NEW YORK — Macy’s heavily discounted its spring goods to make room for fall and holiday merchandise in the face of customers’ cautious spending, but the retailer’s adjusted second-quarter profits and sales still topped Wall Street expectations. “As we plan the remainder of the year and we think about 2024, we remain cautious on the pressures impacting our customer, especially …

Macy’s slashes expectations for the year after a pullback by shoppers in the spring
1 year, 7 months ago

Macy’s slashes expectations for the year after a pullback by shoppers in the spring

Associated Press  

NEW YORK — Macy’s slashed its outlook for the entire year as sales weakened in the first quarter during an increasingly challenging economic environment, including stubbornly high inflation. Macy’s results wrap up the retail industry’s fiscal first-quarter earnings season that showed how still high inflation, particularly in food, is forcing shoppers to further cut back on discretionary items like clothing …

Macy’s, Best Buy 4Q reports underscore consumer slowdown
1 year, 10 months ago

Macy’s, Best Buy 4Q reports underscore consumer slowdown

Associated Press  

NEW YORK — Quarterly earnings from Macy’s and Best Buy show how Americans have pulled back their spending on clothes and gadgets as inflation strains household budgets. “The consumer electronics industry continues to feel the effects of the broader macro environment and its impact on consumers,” said Matt Bilunas, Best Buy’s chief financial officer. Best Buy earned $495 million, or …

Macy’s, Kohl’s, Gap point to cloudy holiday retail picture
2 years, 1 month ago

Macy’s, Kohl’s, Gap point to cloudy holiday retail picture

Associated Press  

NEW YORK — Results from Macy’s, Kohl’s and Gap on Thursday further underscored the cloudy picture for U.S. retailers heading into the start of the holiday season. Target, Macy’s and Kohl’s all noted a slowdown in spending in the last few weeks as the kickoff to the holiday shopping season approaches, which could force retailers to cut prices even further. …

Wall Street climbs 1% on upbeat results, Fed relief
2 years, 7 months ago

Wall Street climbs 1% on upbeat results, Fed relief

Live Mint  

U.S. stock indexes climbed on Thursday after upbeat annual forecasts from several retailers, while data confirmed the U.S. economy contracted in the first quarter, easing concerns about aggressive interest rate hikes. Meanwhile, the Commerce Department's report showed U.S. gross domestic product fell at a 1.5% annualized rate last quarter, revised down from the 1.4% decline reported in April under the …

Kohl’s cuts annual forecast, as it gets stung with inflation
2 years, 7 months ago

Kohl’s cuts annual forecast, as it gets stung with inflation

Associated Press  

NEW YORK — Kohl’s Corp. cut its annual earnings and sales forecast, as the department store chain joins a string of retailers stung with soaring inflation. Like many department stores, Kohl’s had struggled before the pandemic, but the health crisis wielded a big blow to sales. But Gass said that high inflation is making shoppers rethink their purchases, noting that …

Retail sales rise 0.9% in April as consumers show resilience
2 years, 7 months ago

Retail sales rise 0.9% in April as consumers show resilience

Associated Press  

WASHINGTON — U.S. retail sales rose 0.9% in April, a solid increase that underscores Americans’ ability to keep ramping up spending even as inflation persists at nearly a 40-year high. “Despite the surge in prices weighing on their purchasing power, the U.S. consumer now appears to be single-handedly keeping the global economy afloat.” The Tuesday report also showed that sales …

Macy’s cuts corporate headcount by 3,900 as virus takes toll
4 years, 6 months ago

Macy’s cuts corporate headcount by 3,900 as virus takes toll

Associated Press  

NEW YORK — Macy’s said Thursday it’s laying off 3,900 people corporate staffers, roughly 3% of its overall workforce, as the pandemic takes a financial toll on the iconic department store chain’s sales and profits. In February, before the virus became a pandemic, Macy’s said it would cut 2,000 jobs in its corporate office and close 125 stores. Macy’s CEO …

Macy’s says reopened stores luring back customers
4 years, 6 months ago

Macy’s says reopened stores luring back customers

Associated Press  

NEW YORK — Macy’s said Tuesday that roughly several hundred stores that have reopened are performing better than anticipated as it disclosed an update on its fiscal first-quarter results. Excluding one-time items, it said it’s looking to report a loss of $2.03 per share when it reports final first-quarter results on July 1. In a statement, Macy’s CEO Jeff Gennette …

Reopened Macy’s stores are performing better than expected
4 years, 7 months ago

Reopened Macy’s stores are performing better than expected

CNN  

New York CNN Business — Perhaps there’s some light at the end of the tunnel for battered retailers: Macy’s just revealed that its first quarter won’t be quite as dismal as expected. “Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues …

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